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August 05, 2011

Mayo Clinic-linked device firm raises $5M

Remember NeoChord, Inc.?

It's a medical device company that licenses Mayo Clinic technology to make a non-invasive method for fixing a leaky heart valve AKA mitral-valve regurgitation. Mayo Clinic is also Neochord deviceinvested in an equity position in the firm. 

I first started writing about this company back in the days before this blog. I wrote a full piece about this firm back in 2007. 

A week ago, the Minnetonka-based company filed with the SEC that it had just raised about $5 million in financing and its working on lining up another $6 million.

In January, it locked down $1 million in funding. At that time, CEO John Seaberg told the Twin City Business Journal that Neochord was in “deep discussions” to raise $10 million more in funding that coNeochordfilingexcerptuld happen within the next several months.

So this latest filing certainly looks like they pulled that off.

NeoChord's product is based on research by Mayo Clinic's Dr. Richard Daly and Dr. Giovanni Speziali that allows doctors to repair mitral-valve regurgitation without stopping a beating heart or cracking the chest open.

 

It began clinical trials on patients in Germany, Denmark, Czech Republic and Norway in October of 2009.

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